To The Moon

Hey mining and battery materials investors! 🎉 Big funding win for First Phosphate — the company just locked in C$16.7M in NON-REPAYABLE funding from the Canadian government to advance its critical phosphate project for LFP batteries. Let’s break down the details!

Saguenay, $Quebecor Inc.(QBCAF)$ Quebec – (Newsfile Corp. – March 16, 2026) – $First Phosphate Corp.(FRSPF)$ is pleased to announce that it finalized an agreement on March 4, 2026, to receive C$16.7 million in non-repayable funding from the Government of Canada through the Global Partnerships Initiative (“GPI”) of Natural Resources Canada (“NRCan”).

The funding will accelerate the development of the Company’s Bégin-Lamarche Phosphate Project, including the finalization of technical and engineering parameters (covering processing circuits and equipment) to validate that the produced phosphate concentrate meets the quality requirements of the lithium iron phosphate (“LFP”) battery market. This work will be conducted based on specifications defined under contracts between First Phosphate and its end-of-take customers.

“The Government of Canada and its partners are investing real dollars to build secure and resilient critical mineral supply chains for our economy and defense industries,” said The Honourable Tim Hodgson, Minister of Energy and Natural Resources. “By supporting companies like First Phosphate, we are helping deliver the minerals the world needs, and the prosperity and security Canadians deserve.”

“We welcome the Government of Canada’s investment, which supports the continued advancement of our project and its strategic role in the LFP battery supply chain,” said John Passalacqua, Chief Executive Officer of First Phosphate. “Together, we are taking another step toward building an integrated, phosphate-based LFP battery supply chain in Canada.”

As a flagship initiative, Bégin-Lamarche will strengthen Canada’s strategic position in the LFP battery value chain by developing domestic processing capacity to convert apatite (phosphate concentrate) into high-purity phosphoric acid (“PPA”) for battery-grade applications. The project will establish a scalable, Canadian-made process for producing battery-grade phosphate concentrate, reducing reliance on foreign supply chains.

The project is expected to generate significant economic benefits, including the creation of approximately 277 skilled jobs, and support the potential establishment of a Canadian phosphoric acid production facility underpinned by commercial-scale local phosphate concentrate production.

Under the terms of the agreement, the funding will be used to complete the feasibility study for the Company’s integrated Bégin-Lamarche phosphate mining and processing project in the Saguenay–Lac-Saint-Jean region, and cover eligible activities planned through 2028.

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